State Bank of Hyderabad, an associate of State Bank of India, is planning to increase its focus on MSME sector by way of targeting additional loans of Rs 9,000 crore in the current financial year.
State Bank of Hyderabad, an associate of State Bank of India, is planning to increase its focus on MSME sector by way of targeting additional loans of Rs 9,000 crore in the current financial year.
M. Bhagavantha Rao, Managing Director, State Bank of Hyderabad (SBH) in his address to media on Monday inaugurating SBH’s relocated new zonal office in Chennai said that the bank had so far extended loans worth Rs 1,500 crore to this segment and was confident to reach the target of Rs. 9,000 crore by February.
Also, the focus would be on reducing high cost deposits, which formed 25 per cent of the total deposits of Rs 1.20 lakh crore, Rao added. The intention was to bring them down to 15 per cent and this would be done by garnering domestic retail deposits and NRI deposits, he said.
The asset-liability committee of the bank had already approved a revision in the rate of NRI deposits to 9.5 per cent from the existing 8.75 per cent, and the plan was to mobilise Rs 1,800 crore from NRIs against Rs. 1,000 crore last year, he stated.
With 41 branches in Tamil Nadu, SBH has plans to open 14 more such branches in the state during the fiscal year expanding bank’s footprint.
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